Final good
≈ 2 min read
Names in other languages
No names in other languages are held for this entry yet.
Article bodies are English and are not machine-translated. A name in another language is not a translation of the article.
A final good or consumer good is a final product ready for sale that is used by the consumer to satisfy current wants or needs, unlike an intermediate good, which is used to produce other goods. A microwave oven or a bicycle is a final good. When used in measures of national income and output, the term "final goods" includes only new goods. For example, gross domestic product (GDP) excludes items counted in an earlier year to prevent double counting based on resale of items. In that context, the economic definition of goods also includes what are commonly known as services. Manufactured goods refer to products that have undergone processing or assembly, distinguishing them from raw materials.
A final good or consumer good is a final product ready for sale that is used by the consumer to satisfy current wants or needs, unlike an intermediate good, which is used to produce other goods. A microwave oven or a bicycle is a final good. When used in measures of national income and output, the term "final goods" includes only new goods. For example, gross domestic product (GDP) excludes items counted in an earlier year to prevent double counting based on resale of items. In that context, the economic definition of goods also includes what are commonly known as services. Manufactured goods refer to products that have undergone processing or assembly, distinguishing them from raw materials.
Text derived from https://en.wikipedia.org/w/index.php?oldid=1364188221 under CC BY-SA 4.0; modifications have been made.